Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Marginal Product (MP) of a Factor:
From the above mentioned production function, immediately we can study the effect on total output when there is a variation in labour utlilisation, keeping the other factor K, fixed. Thus, we have the marginal physical product, which shows the change in output quantity for a unit change in the quantity of an input, (L), when all other inputs (K) are held constant. Mathematically, it is given by the first partial derivative of a production function with respect to labour. Thus,
It is reasonable to expect that the marginal product of an input depends on the quantity used of that input. In the above example, use of labour is made keeping the amount of other factors (such as equipments and land) fixed. Continued use of labour would eventually exhibit deterioration in its productivity. Thus, the relationship between labour input and total output can be recorded to show the declining marginal physical productivity. Mathematically, the diminishing marginal physical productivity is assessed through the second-order partial derivative of the production function. Thus, change in labour productivity can be presented as:
Similarly
suppose a firm''s total revenue depends on the amount produced (q) according to the function R= 70q-q2 total cost dependson q: C=q2+30q-q2
Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest
Impact of government legislations on business in india Government in India plays a dominant role in the Indian business activity. It directs and regulates the private business and
10
Define
Is economic development is based on goverment Many governments--mainly unelected governments-aren't that interested in economic development. Giving valuable industrial franchis
Analyze the sustainable approach to waste reduction developed by the company you selected. Include the following: Its products Previous methods of production The way it implemented
What is Economic Depreciation?
Learning curve implies: 1) The requirement of labor falls per unit. 2) Costs will be high at 1 st and then will fall with learning. 3) After eight years the labor requ
(Granger, 1969, 1988), where it can be addressed in terms of a VAR (vector auto regression) system. If an export platform is important for the country, FDI inflows should result in
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd